Last year in the United States, the price of snowboards rose by 5 percent and the price rise resulted in a 15 percent increase in the quantity supplied. This outcome is an indication that
A) the supply curve of snowboards shifted rightward.
B) the supply of snowboards is price elastic.
C) some firms entered into the snowboard industry.
D) All of the above answers are correct.
B
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How did the global savings glut in the 2000s affect the U.S. current account balance?
A) It caused it to decline by increasing the value of the dollar. B) It caused it to decline by reducing the value of the dollar. C) It caused it to increase by increasing the value of the dollar. D) It caused it to increase by reducing the value of the dollar.
Because of the American national debt, future Americans will be burdened by heavy interest payments which will necessitate higher taxes
a. True b. False Indicate whether the statement is true or false
Willie's wage increased, and he responded by enjoying more hours of leisure per day. Is Willie's behavior consistent with an upward-sloping labor-supply curve?
Suppose that you prefer reading a book you already own to watching videos and that you prefer watching videos to listening to music. If these are your only three choices, what is the opportunity cost of reading?
a. Watching videos and listening to music b. Watching videos c. Listening to music d. Sleeping e. The price of the book